Gold Silver Reports – ✅ Gold Price Continues to Linger at the Highs – Gold prices have been locked in a very tight range since the beginning of Friday and the same has been seen as of today morning as well. This range has been especially tight even by standards of gold prices, which have been ranging between the 1260 and 1290 over the last few weeks.
The gold bulls have not been able to take full advantage of the weakness in the dollar over the last few days and unlike some of the other instruments like the euro and the pound, the gold prices have not been able to break through the highs of the range and move through the 1300 region. This only increases the risk of a correction in the prices in the short term as the prices continue to spend more time at the highs of their range without being able to break through anytime soon.
Gold Prices Going Nowhere
This has been the situation with the gold market over the last few weeks as the demand for gold has not picked up and hence the gold bulls have had to rely on the weakness in the dollar in their bid to push the prices higher. With the Fed set to hike rates in December, we do not expect too much of a weakness in the dollar in the short term. In the absence of fundamentals to support it, we believe that it is only a matter of time before the gold prices begin to fall back towards the lows of their range and this is likely to happen over the short and medium term. We do not expect any major dramatic moves in the gold market during this period.
Crude Oil prices also continue to trade near the highs of the range and as we have been saying over several months now, the bull run in the oil prices is likely to continue and push the oil prices towards the $60 region by the end of the year. This is likely to be the price region that the oil producers would be comfortable with and hence it remains to be seen whether there would be any large correction once the prices hit this region in due course of time.
Read More: Gold Price Forecast and Report November 16, 2017
The silver market has also been caught in a tight range over the last few days as it follows the gold market and continues to trade in a weak manner despite the weakness in the dollar. We have been warning of this bull cycle in the stock markets which is likely to reduce the demands for safe havens like gold and silver in the medium term. – Neal Bhai Reports
